Actuaries

Actuaries analyse statistical data such as mortality, accident, sickness, disability, and retirement rates and construct possibility tables to forecast risk and liability for payment of future benefits. They may ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.

Some of the job titles of this field are Actuarial Analyst, Actuarial Associate, Actuarial Consultant, Actuary, Consulting Actuary, Corporate Actuary, Health Actuary, Pricing Actuary, Product Development Actuary, Reserving Actuary.

Occupation specific Information

Tasks:

·         Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.

·         Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.

·         Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.

·         Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.

·         Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.

Occupational Requirement

Work Activities

·         Manage financial activities of the organization.

·         Collaborate with others to develop or implement marketing strategies.

·         Analyze health-related data.

·         Develop organizational goals or objectives.

·         Analyze data to identify trends or relationships among variables.

Education & Experience Requirement

Education

Bachelor/Master degree in  Actuarial science

Related Experience

A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

Job Training

Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

Skills Required

Critical Thinking — using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.

Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Mathematics — using mathematics to solve problems.

Reading Comprehension — Understanding written sentences and paragraphs in work-related documents.

Active Listening — giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Knowledge Required

Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.

Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.

English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.

Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.

Worker Characteristic

• Conventional — Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.

• Investigative — Work involves studying and researching non-living objects, living organisms, disease or other forms of impairment, or human behaviour. Investigative occupations are often associated with physical, life, medical, or social sciences, and can be found in the fields of humanities, mathematics/statistics, information technology, or health care service

• Enterprising — Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.

Related Occupation

·         Accountant and Auditors

·         Compensation, Benefits and Job Analysis specialist.

·         Financial and Investment analysts

.     Personal Financial Advisors 

·         Financial Risk specialists